Star Island Miami Beach – Island Community for the Stars

Star Island is an island community of single family Homes, whose residents include Gloria Estefan, Rosie O’Donell, Shaquile O’neal, Daniel ‘Tommy’ Mottola, and business leaders such as Phillip Frost and Susan Miller.  Star Island is the most exclusive of the tri-island and homeowner association comprised of Star, Palm and Hibiscus Islands.  Most notably, in the midst of the most severe housing downturn in a generation, high end estate homes such as the one highlighted below sold in just four months.  Also of note is that the discount from the original asking price is relatively small.

Star Island – Old World Charm Home

Star Island Luxury Home

Located on an oversized 48,300 SF lot with over 220 linear ft. of watefront, this classic southern-style home features Old World charm.  Featuring Southern and Eastern exposure towards Miami Beach, Fisher Island, and the cruise ships.  Located only five minutes away from all the excitment of South Beach.  This single family estate offers exclusivity, privacy and is located on a 24 hour guard gated island community. Owners dock their yachts and live among the stars (the next door neighbor is Rosie O’Donell)!

:  Oversized Waterfront Proeperty with 220 ft. on Water, Spectacular location on Star Island, Gated Island Community
:  Orientation towards busy causeway and potential for traffic noise.

Sold Price: $8,100,000 (2008)
Original Asking Price : $9,750,000 (2008)
Bedrooms: 6
Bathrooms: 6
House S.F.: 4,720
Land S.F.: 48,300
Sold Date: September, 2008
Sold Price per S.F.: $1,716/S.F.

Discount from Original Asking Price: 17% (132 days on market)

Source:  SouthEastFlorida Regional MLS (small font)

South Beach Waterfront Homes and Condos – Real Property Values

A lot of my clients ask me what makes a property, specifically South Beach waterfront home or condo, a great deal. And today’s active buyers want to know more about prices and how low can it get. South Beach luxury condos, such as Continuum South Beach, Murano at Portofino, Portofino Tower, Icon South Beach, and Murano Grande have seen a surge in sales activity in the past few months. Luxury waterfront homes and condos in South Beach are now selling at significantly discounted prices.

The recent sales of South Beach homes and condos demonstrate that buyers are willing to purchase luxury waterfront properties if priced right and significantly discounted from 2006 prices. But what is the right price for a luxury property? It all depends!

To demonstrate examples of “great deals,” take a look at some of the recently sold South Beach condos and waterfront homes:

Continuum South Beach – South Tower PH-1

Continuum Penthouse

Magnificent and massive South Beach oceanfront 3-level penthouse. 360 views, 5 bedroom/7.5 bath, 13′ ceilings (26′ in dining room) & 7,000SF under a/c, pool, Smart house touch panels integrate high-end audio, video, auto shades, HVAC, lighting, security, 4-plasma TVs, wi-fi, private elevator, all on top of the most exclusive 13-acre gated enclave with spa/club, 3 tennis courts, 3-pools and 2 rest. at the southernmost tip of the most exciting part of South Beach. Also included in the sale were four private parking spaces.

: 12 acres on the Ocean, 360 degree views, One of a Kind Three Level Penthouse

: None

Sold Price: $9,900,000
Original Asking Price : $25,000,000
Previous Sales Price (2003) $7,000,000
Bedrooms: 5
Bathrooms: 8
Condo S.F.: 7,374
Sold Date: May 15, 2009
Sold Price per S.F.: $1,342
Discount from Original Asking Price: 60.4%

Bentley Bay  Condo – South Beach Design Group Showcase Condominium

Bentley Bay Condo # 1811

Amazing 270 degree views of Downtown Miami, Star Island, Fisher Island, and the Ocean from this contemporary designed two bedroom condominium. Terrazzo floors, custom lighting, clean design and decorator appointed finishes. The original owners had spent well over $200,000 in upgrades and finishes alone!

: 270 degree views of Biscayne Bay, Downtown Miami, and the Ocean, beautiful finishes & design. Boutique Building.

: High Maintenance Fees and construction issues at The Bentley Bay

Non-MLS Sold Price: $480,000 (2009)
Original Asking Price : $1,595,000 (2005)
Previous Sales Price: $1,090,000 (2006)
Bedrooms: 2
Bathrooms: 2
Condo S.F.: 1,250
Sold Date: May, 2009
Sold Price per S.F.: $384/S.F.
Discount from 2006 Asking Price: 72%

Palm Island Single Family Home with Old World Charm

Palm Island Miami Home

Beautifully updated 2-story Mediterranean charming home on exclusive, guard-gated Palm Island. Paradise living on secluded island just minutes from the excitement of South Beach and downtown Miami. Easy commute anywhere in South Florida. Walk to new park/playground/tennis courts. 4 bdr/ 3 bth, updated kitchen, marble baths. Open & bright design.

: Charming Home, Spectacular location on Palm Island, Gated Island Community

: Small Lot, some work needed on property

Sold Price: $660,000 (2009)
Original Asking Price : $1,749,000 (2006)
Bedrooms: 4
Bathrooms: 3
House S.F.: 2,616
Land S.F.: 5,775
Sold Date: May, 2009
Sold Price per S.F.: $252/S.F.

Discount from Original Asking Price: 62%

Palm Island Single Family Home -Waterfront Double Lot

Coconut Lane Home - Palm Island Miami

Waterfront home on a double sized lot with lush landscaping, 100 ft of open bay on 24 hour gate guarded Palm Island. Amazing views of downtown Miami and Cruise ships. The home included a private dock with Boat Lift, a two car garage, sauna, outdoor shower, pool, large entertainment room, and even a real working fireplace. Marble and wood floors throughout, stainless steel appliances, Hurricane Impact windows, and a balcony as well as covered Patio on the second floor to enjoy the views!

: 100 ft. Prime Waterfront Lot, Spectacular location on Palm Island, Gated Island Community

: Home needed some updating

Sold Price: $2,700,000 (2009)
Original Asking Price : $5,800,000 (2006)
Bedrooms: 3
Bathrooms: 3
House S.F.: 3,180
Land S.F.: 14,000
Sold Date: May, 2009
Sold Price per S.F.: $849/S.F.

Discount from Original Asking Price: 53%

Bank-owned (REO) and Foreclosure homes in Miami Beach

As the current Miami Beach Real Estate market is recovering, I am receiving a lot of inquiries and requests from buyers (both American and international clients) on the possibility of buying a foreclosed or bank owned Miami Beach home. However, there is still a big gap between high-end luxury homes and less desireable waterfront and non-waterfront properties. Most importantly, there is a significant increase in buyers activity on the market due to unfreezing of the credit market for qualified buyers.

To highlight the gap between the turnkey foreclosure waterfront homes and hard-to-sell mid-to-lower range single family homes, I’ve selected few closed sales bank owned homes in and around Miami Beach. Note that these are not short sales, but only classified as REO sales (Bank owned and approved).

North Bay Road- Bank Approved Sale

North Bay Road Foreclosed home in Miami Beach

Bank Owned, located on prestigious North Bay Road with nearby mansions and waterfront estates. Corner lot surrounded by privacy hedge. Open floor plan, designer stainless steel kitchen, terrazzo, limestone floors, formal dining room, family room, breakfast room, alarm system, sprinkler system.

+ : Great Location
- : Small corner lothouse needed some work due to recent neglect

Sold Price: $520,000 Original
Asking Price : $1,350,000 (2007)

Bedrooms: 4
Bathrooms: 3
House S.F.: 2,474
Land S.F.: 6,978
Sold Date: March 6, 2009
Original Asking vs Sold Price: 39%

Alton Road- Significantly Reduced Turnkey Waterfront Home

Foreclosed home in Alton Road Miami Beach

A 1930’s Mediterranean large home with guest house. Renovation was completed in 2006 with luxury touches throughout The additional amenities of this beautiful estate include: polished marble floors, a custom masonry fireplace, gas appliacnces,movie theater out door fountains with 5 bed and 4 and 1/2 baths.

+ : Complete renovation & charm
- : Located on busy Alton Road & limited appeal

Sold Price: $520,000
Original Asking Price : $2,200,000 (2006)

Bedrooms: 5
Bathrooms: 4
House S.F.: 3,223
Land S.F.: 7,320
Sold Date: April 22, 2009
Original Asking vs Sold Price: 24%

Biscayne Point- Gated Community Land Value Teardown Sale

Miami Beach Foreclosure Home

Bayfront vacant home that was sold “as is” by the lenders, gated community with wide bay views. Minutes from the Ocean, rare Bayfront lot with 75′ of waterfrontage.

+ : Waterfront lot with Wide Bay Views, Gated Community in Miami Beach
- : Complete rehab / teardown house

Sold Price: $500,000
Original Asking Price : $1,200,000 (2004)

Bedrooms: 3
Bathrooms: 2
House S.F.: 1,816
Land S.F.: 7,500
Sold Date: March 12, 2009
Original Asking vs Sold Price: 42%

Finally, to illustrate the dramatic difference with turnkey waterfront homes, I’d like to highlight another recent sale on Miami Beach’s North Bay Road, where the home was on the market for just TWELVE DAYS:

North Bay Road- Wide Bay Home

Luxury Miami Beach Foreclosure Home

This was one of the best waterfront deals on Miami Beach. Wide bay views with 77 FT on the water and a 254 FT deep oversized lot. This home is sparkling clean and livable “as is”.

Sold Price: $3,200,000
Asking Price : $3,900,000

Bedrooms: 4
Bathrooms: 5
House S.F.: 4,006
Land S.F.: 19,685
Sold Date: March 11, 2009
Original Asking vs Sold Price: 82%

Improvement in Miami Beach Real Estate Market

The buyer activity in Miami Beach Real estate has increased significantly over the past month for “A-grade” real estate properties. The grade “A” properties are defined as:

-    Waterfront South Beach condos such as the Murano, Murano Grande, Icon South Beach, Portofino Tower, Continuum South Beach, and other affordable bayfront condos such as The Waverly and The Floridian on West Ave.
-    Luxury waterfront single-family homes located on the island communities of Venetian, Palm, Hibiscus, and Sunset Islands.

Whether it’s a waterfront home or luxury condo, aside from being an “A” grade property in today’s buyers market an additional requirement is that the property be a turnkey, or completely remodeled and updated. In other words, the only additional expense a buyer has to be concerned with is moving in with their furniture and personal belongings.

It’s been our experience recently that single family homes and condos, when priced RIGHT, are bombarded with buyer interest and generally receive multiple offers. We are witnessing a new surge of buyer interest in these “A” location properties in the South Beach and the greater Miami Beach real estate market. Our real estate websites are also seeing a dramatic increase in traffic, with local cooperating brokers calling with inquiries and sending us multiple sales contracts.

All of these signs are indicators that the bottom is very close to being reached, and sales are beginning to come back, with prices to GRADUALLY follow as the “A” inventory diminishes.

A few examples of “A” real estate properties currently on the market:

Venetian Island – Greatly Reduced Waterfront Home

Rivo Alto home in Venetian Islands Miami Beach

Romance is felt throughout this Mediterranean waterfront home situated on 10,500 sf of land, spanning 60 feet of wide bay waterfront facing the Miami skyline. This timeless residence with unique architectural features contains over 4,117 sf of living area, with 5 bedrooms, 6 full and 2 half baths.

Current Asking Price: $3,199,000
Original Asking Price : $4,250,000
Bedrooms: 5
Bathrooms: 8
House S.F.: 4,117
Land S.F.: 10,500
Waterfront: 60 ft. with Dock

San Marino Island- Significantly Reduced Turnkey Waterfront Home

San Marino Waterfront Home in Venetian Islands

A fantastic opportunity to own an oversized waterfront lot. This Mediterranean waterfront estate has 90 feet on the water, located on the Venetian Island causeway between Miami and Miami Beach. Beautifully redone with gourmet kitchen, brazilian cherry hard wood flooring, fireplace, office/library, and award winning landscaping!

Current Asking Price: $2,950,000
Original Asking Price : $4,599,000
Bedrooms: 4
Bathrooms: 5
House S.F.: 3,370
Land S.F.: 15,750
Waterfront: 90 ft. with Dock

Portofino Tower Condo- Spectacular Atlantic Ocean, Fisher Island, and Miami Beach Skyline Views

View from the Miami Beach Portofino Tower Condo Unit #3402

This high floor condominium is a real flow through floorplan with two expansive and very private terraces with the most stunning views of Fisher Island, Downtown Miami, Miami Beach and the Ocean. A Grand Foyer entrance, floor to ceiling windows, a unique floorplan, and the most exquisite upgrades make this condomimium one of a kind.

Current Asking Price: $1,500,000
Original Asking Price : $1,795,000
Bedrooms: 2
Bathrooms: 3
Condo S.F.: 1,960

Commitment in Real Estate

The state of the Miami Beach Real Estate sales industry is currently in a state of change and consolidation. Having started my career in 1998, I have been very much successful during the “boom” market of 200-2006 and in the current “bust” market. During the “boom” years, everyone and their uncle had a real estate license. Real Estate was “the” topic of discussion- due both to the lucrative commissions and also the cultural and social appeal of shows such as House Hunters, HGTV, etc. Everyone wanted to be part of this Real Estate phenomenon, and this was easily attainable via easy mortagages and equity lines of credit.

The “easy” money in earning a real estate commission from the sale of a property is long gone. Today’s market requires Agents and Brokers who have strong organizational skills, attention to detail, intimate knowledge of realistic market values, a close relationships with lenders, patience, and most importantly strong negotiation skills. The task of taking a buyer around and showing him some good “deals” is just the beginning of a successful real estate transaction. In this market, the key is to provide a strong value-added service to the customer (both to buyers and sellers).

My professional strategy for the last few years has been to focus on investing in both the people who comprise my team and in marketing resources for our clients. This involves such mundane but important tasks as maintaining meticulous files and a system for following up with pending offers and contracts, as well as investing in new marketing resources that allow us to promote our clients properties to influential Brokers around the world. My highest priority, however, has been to build and retain a trained, motivated, knowledgeable, and honest team of agents that are committed to the business.

A few of the latest successfully CLOSED sales of Miami Beach single family homes that are worthy of note:

Palm Island Luxury Home

Palm Island Luxury. Granite kitchen counters w/stainless viking equipment. Marble floors and terrace with hard wood in bedrooms. Large master with walk in closets & balcony. Infinity set river rock pool w/paver deck and wet bar. Seperate maid quarters. Full emergency generator and Gated entry to prestigious Palm Island.

Sales Price: $690,000
Previous Asking Price : $1,150,000
Bedrooms: 5
Bathrooms: 4
House S.F.: 2,694
Land S.F.: 6,000

South Beach Home

Rare single family home in South Beach by renowned 1930s architect. $325k+ renovation incl new: tile roof, PGT impact windows, HVAC, elec, plumbing, lighting, heated salt pool, marble paver deck, prof landscape. New in 2008: sleek custom kitchen w/ Sub-Zero/Thermador/Bosch, exotic stone; 3 new marble baths – Hansgrohe/Duravit/Toto fixts, body sprays, wenge vanities. Original wood floors, 11′ ceiling in sunny rotunda Living Room w/ honed coral-rock fireplace, Moorish detail arches. Corner lot in Flamingo Park neighborhood of Miami Beach.

Sales Price: $1,139,750
Previous Asking Price : $1,350,000
Bedrooms: 3
Bathrooms: 3
House S.F.: 2,142
Land S.F.: 7,500

Venetian Island Waterfront Home

Prime Venetian Island property, 60 x 175 waterfront lot with 10,500 Sq. Ft. Minutes from South Beach, The Performing Arts center, and Downtown Miami. Panoramic Bay views of Downtown Miami, the cruise ships, and Palm Island. This home offers Miami Beach waterfront living at its finest!

Sales Price: $1,970,000
Previous Asking Price : $3,350,000
Bedrooms: 5
Bathrooms: 5
House S.F.: 3,268
Land S.F.: 10,500
60 ft. of waterfront

A Historical Tour of the Hibiscus Island and Palm Island – And a Great Deal on Single Family Waterfront Home

Hibiscus Island and Palm Island in Miami Beach has a grand and illustrious history. That history can be visible right at the entrance of Palm Island. As one proceeds onto the island, the first thing you pass is a children playground full of swing sets, slides and see-saws. But half a century ago this location was an altogether different sort of playground, it was the site of the Famous Latin Quarter Nightclub.

Owned by Lou Walters, father of The View’s Barbara Walters, the Latin Quarter was a mid-century mecca for big-named entertainers who performed for winter crowds of tourists and celebrities arriving in Miami Beach each December. Entertainers like Frank Sinatra, Dean Martin & Jerry Lewis, Jack Benny and Tony Bennett all intermingled with waves of high-kicking chorus girls to perform three shows a night at the Latin Quarter.

Beginning with the financial crash in the early 1930’s, Palm Island became the winter home of such notables as Al Capone and celebrities, who took to Miami Beach’s incredible beauty.  They built various incredible waterfront estates on Palm and Hibiscus island.  Many of these estates were restored to their full glory (and more) during the real estate boom of the last decade.

For the savvy buyer today, I’d like to highlight a spectacular waterfront opportunity on Hibiscus Island.  This is a REAL, motivated waterfront home seller:

Debtor Approved Price: $2,600,000
Previous Price : $3,250,000
Bedrooms: 3
Bathrooms: 4
House S.F.: 3,590
Land S.F.: 10,500
Waterfrontage: 60′ (complete privacy)

Scenic Bay and City views from this completely updated tri-level turnkey home. Offering an open and spacious floorplan with stone and wood throughout. The gourmet kitchen features stainless steel appliances, granite counters, and pantry all with pool and water views.  The oversized master suite with bayfront balcony and downtown city views includes a sitting area, plenty of closets, and a spacious master bath with Jacuzzi, shower, and double sinks. This bayfront beauty comes complete with high impact glass windows as well as storm shutters and power generator. Ready for the boater with new dock and quick easy Ocean access with no fixed bridges.  Ideally located between Downtown Miami and South Beach, including new tropical landscape, two-car garage and double driveway for plenty of parking.

Miami Beach Foreclosure Condo Deal- Bank Approved condo unit at the Bentley Bay in South Beach

The latest bank approved foreclosure condo at the Bentley Bay represents a genuine value for real estate investor or potentinal owner/user. The current approved price is far below the original price. The annual rental income on this premier luxury Miami Beach condo is approx. $4,500/month for short term rentals (High Season) and $3,200/month for annual rentals (Low Season). The Bentley Bay offers incredible unobstructed views of both the downtown Miami skyline, Biscayne Bay, and the Ocean. At the current price, it is one of the best deals in Miami Beach.

The Bentley Bay condo was completed in 2005 (with subsequent bank supervised rehab of balconies) and is a boutique building located just North of Fifth Street. Offering direct and easy access to all major expressways, it is considered the gateway to South Beach. The downside to the Bentley Bay – the relatively high maintenance fees (due to having two towers and relative small number of units), but I believe that the flexible rental policy and the premier waterfront location in the heart of South Beach make up for this. Also, the planned retail development by Crescent Heights on 6th Alton as well as the 5th and Alton Shopping Center will completely transform the neighborhood over the next few years.

Bank Approved Price: $500,000
Previous Sales Price (comp units): $1,150,000
Bedroom: 2
Bathroom: 2
Today’s Price/S.F.: $400/S.F.

My team and I are committed to providing strong value added service to our clients, which means delivering the best purchasing opportunities to today’s buyers of Miami Beach luxury condos. Contact us at 305-673-3809 for more information on this foreclosure condo.

The Obama Housing Rescue Plan- Essential Details

1.  Mortgage Modification

If you’re facing foreclosure and want to “modify” your mortgage to keep your single family home or condo, you must meet the following criteria:

• Have secured your mortgage before Jan. 1, 2009
• Have a primary mortgage of less than $729,500 (1st Lien holder only)
• You must live in the property (primary residence only)
• Must fully document income with tax returns and pay stubs
• Sign a financial hardship statement
• Go for counseling if your total household debt totals more than 55 percent of income.
• 31% debt to income ratio for monthly home payments is the overall goal of this plan
• No loan to value ratios apply (this is especially good for underwater homeowners)
• Only one modification will be allowed per homeowner
• Loan Servicers must take into account the advantages of modifying versus the financial cost of foreclosing on the homeowner
• Borrower receives $1,000/year in principal reduction for on-time payments (five years maximum)

If you meet all the above listed qualifications, your lender will then determine how much to lower your monthly payment so it’s about 31% of your gross monthly income. The interest rate could be as low as 2%.

Homeowners will pay no fees for the modification. However, homeowners could face a balloon payment at the end if your lender reduced your monthly principal payment during the modification. So if your lender reduced your total payments $20,000, you could owe that amount when paid off your loan, refinanced or sold your house.  The new loan rate can go up after 5 years. It’s only low in the beginning to help the homeowner dig themselves out.

This plan will be in effect until the end of 2012 and can only be used once.

2.  Refinancing Option

If your current on your mortgage but your bank won’t let you refinance because your mortgage is “under water,” here’s how you qualify for the government refinancing program:

• Your home must be the primary residence
• Your loan must be owned by Fannie Mae or Freddie Mac
• You must have sufficient income to support the new mortgage debt
• You can’t take cash out of the new loan to pay other debt

There’s another big restriction, however, that will make many South Florida homeowners ineligible for the program: the value of your house can’t have fallen much below the amount of the mortgage.

It is my belief that the loan modification portion of this plan will indeed be helpful to those homeowners that are having trouble keeping up with monthly housing expenses.  Especially those who are committed to keeping their primary residence for AT LEAST five years.  For eligible homeowners, who have have the ability and discipline to stay current with reduced mortgage payments, this plan should provide much needed financial relief.

Miami Beach Real Estate – Latest South of fifth Street Sales

Miami Beach condos that are in foreclosure and bank controlled have drawn interests of many of my new and former clients. The level of interests in these properties have increased significantly in the past few months. The strongest downward price pressure is occuring due to distressed and short sales. However, condos in South Beach area, especially those located in the South of Fifth street neighborhood (Icon south beach, Murano grande, Murano at Portofino, Continuum South Beach, Apogee, and Portofino Tower), still have great demand in terms of overall prices $/sq.ft.

Bank-owned properties, also known as REO, or short sale properties usually a lengthy complicated process with no guarantee of success in actually getting free and clear title for the buyer. Working with a real estate professional who knows the parties involved in the transaction (attorneys, banks, other realtors, and misc. creditors) so that the property can be successfully acquired by the interested buyer. Due diligence, follow up with large volumes of paperwork, and often times complex negotiations with lenders is essential for ultimate success.

If you are a potential short seller, this is especially important to keep in mind in choosing a listing agent, as NOW is the time when savvy buyers are purchasing spectacular waterfront condos in the above mentioned buildings (as well as many others).

A quick look at a few more prominent closed sales (& short sales) in some of the premier condo buildings in the South of Fifth Street area of Miami Beach:

Continuum on South Beach- South Tower #2703

Continuum Condo - unit 2703

Beautiful unit on a high floor. Great condition! Stunning views of the Bay, Government Cut, Ocean and Downtown Miami. Several upgrades throughout, including a modern Master Bathroom.
Original Asking Price:  $2,395,000
Sold: $1,375,000  ($778/SF)
Closing Date:  12/08/08
Price Drop (original asking vs. actual sales price):  42%

Continuum II on South Beach- North Tower #2301

Continuum North Tower - Unit 2301

This massive two bedroom unit is in a corner location, with walls of glass looking out towards the beach, Government Cut and Downtown Miami.

Original Asking Price:  $1,850,000
Sold: $1,535,000  ($798/SF)
Closing Date:  02/18/09
Price Drop (original asking vs. actual sales price):  17%

Portofino Tower – #PH4306

Portofino Tower - Penthouse Unit

Breathtaking views of the ocean from this 43rd floor Penthouse.  South Beach, Biscayne Bay and Downtown Miami views. 2 large terraces.

Original Asking Price:  $1,995,000
Sold: $1,600,000  ($678/SF)
Closing Date:  2/18/09
Price Drop (original asking vs. actual sales price):  25%

Murano Grande – #1606

Murano Grande - Unit 1606

Stunning 16th floor direct-bay unit at South Beach’s Murano Grande.  A middle bedroom was removed, making this one of the largest and most-spacious 2 bedroom units in the building.

Original Asking Price:  $1,449,000
Sold: $1,320,000  ($652/SF)
Closing Date:  1/28/09
Price Drop (original asking vs. actual sales price):  9%

Bentley Bay #412

DIRECT BAY VIEWS to Star Island & DOWNTOWN Miami with extra large Balcony.

Original Asking Price:  $539,000
Sold: $325,000  ($417/SF)
Closing Date:  1/28/09
Price Drop (original asking vs. actual sales price):  40%

Statistics from: The Southeast Florida Regional (SEFR) MLS

Miami Beach Foreclosure and Great Deal Condos

With the downward pressure of prices in housing market due to the current credit crisis and uncertain financial market, I’d like to highlight a few of the best deals in Miami Beach luxury waterfront condos market. Every buyer today wants a “spectacular deal”, but how do we define this great deal in this current market? One possibility – just roll prices back to pre-boom pricing from 2003-2004.  Another not so precise formula is to take an overall price reduction anywhere between 30%-70% off 2005/2006 prices (height of the real estate bubble).

However, I’d like to highlight what I consider one of the better real estate valuations for a truly “great deal”, which involves looking at the cash flow from potential rental income.   A few of what I consider to be “great deals” in Miami Beach luxury condos:

Bentley Bay Unit 2211

Bentley Bay Condo Unit-2211
2/2- 1,250 S.F.- Wrap Around Terrace, Direct Bay Views, with potential monthly rental income ranging from $3K – $5K/month.   Foreclosure Sale Asking Price: $459,000 ($367/SF)

Icon South Beach Condo unit 1804

Icon South Beach Condo Unit 1804
2/2- 1,536 S.F.- Large Terrace, Intracoastal & Bay Views, with potential monthly rental income ranging from $4K – $6K/month.   Foreclosure Sale Asking Price: $829,000 ($539/SF)

Murano Grande Unit 1809

Murano Grande Condo Unit 1809
2/2- 1,437 S.F.- Large Terrace, Open Views of South Beach & Ocean, with potential monthly rental income ranging from $4K – $6K/month.   Foreclosure Sale Asking Price: $740,000 ($514/SF)

Wavelry South Beach Unit 804

Waverly South Beach condo unit # 804 – SOLD
2/2- 1,084 S.F.- Spectacular Intracoastal & Bay Views, with potential monthly rental income ranging from $2,500 – $3,500/month.   Foreclosure Sale Asking Price: $364,900 and Sold/Closed for $330,000 ($304/SF)

My team and I are committed to providing strong value added service to our clients, which means delivering the best purchasing opportunities to today’s buyers of Miami Beach luxury condos.